Eric Schmidt

When I need cash, I go to the bank. (Or, more accurately, to a shoebox under the loose floorboard in my pantry. Shhhhh.) When the chairman of Google wants cash, he sells stock. According to an overnight SEC filing, Eric Schmidt -- as part of a prearranged trading plan -- is selling some 2.4 million shares of Class A Google stock. 

That's somewhere around $1.44 billion dollars worth, going by Friday's close of trading, which saw Google drop 1.88 to end the day at 604.64. Wowzers.

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The SEC filing notes that before the sale, Schmidt owned 9.1 million shares of Class A and Class B stock -- about 2.8 percent of Google's outstanding capital stock. With that, Schmidt had 9.7 percent voting power. After the sale, Schmidt owns approximately 6.7 million shares -- about 2.1 percent of Google's total outstanding stock -- and will have 7.3 percent voting power.

Source: SEC

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